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Egypt's forex reserves hit 28.52 bln USD, highest in 6 years

Xinhua, April 3, 2017 Adjust font size:

The Central Bank of Egypt (CBE) said on Monday that foreign currency reserves reached 28.52 billion U.S. dollars, the highest ever since March 2011, official MENA news agency reported.

The increase was achieved amid CBE's success to secure the country's foreign currency needs, Ramy Abul Naga, an assistant to the CBE governor, told MENA.

Egypt has received the one-billion-dollar second batch of the International Monetary Fund's loan and another loan from the African Development Bank which is 500 million dollars, he noted.

Over the past few years, Egypt has been suffering an economic recession due to political instability and relevant security issues that led to the decline of tourism, foreign currency reserves and foreign investments.

In November 2016, CBE allowed full floatation of the local currency to contain the shortage and rising exchange rate of the U.S. dollar.

In addition to currency floatation, Egypt has adopted a three-year economic reform program including austerity and fuel subsidy cuts.

The program was supported by a 12-billion-dollar loan from the International Monetary Fund, with the first batch of 2.75 billion dollars delivered in November 2016. Endit